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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Adani Gas Limited    ADANIGAS   INE399L01023

ADANI GAS LIMITED

(ADANIGAS)
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Italy's Snam takes first steps into India with hydrogen, gas deals

11/06/2020 | 08:40am EST
Italian gas group Snam logo is seen outside their office in Rome

MILAN (Reuters) - Italian gas group Snam has taken its first steps into India by signing a series of deals involving hydrogen and low-carbon mobility projects, the company said on Friday.

Europe's biggest gas transport group said it had agreed to set up a partnership with India's Adani to develop a hydrogen business in India and abroad and use biogas for low-carbon transport projects.

It also inked a deal with renewable energy company Greenko, owned by Singapore sovereign fund GIC, to look into the production of green hydrogen for use in industry and transport.

The group also reached an agreement with state-owned Indian Oil to work on energy transition projects, including gas storage and regasification.

"These agreements aim to promote the growth of green hydrogen in India and other countries to help decarbonize industry and transport and to further develop natural gas and hydrogen mobility in a huge market," Snam CEO Marco Alvera said.

The agreements were announced as part of a virtual summit on Friday between the prime ministers of Italy and India.

Snam, which makes most of its revenue from gas transport in Italy, has pledged to spend more on new green business lines to help it position itself for the industry-wide transition to cleaner energy.

(Reporting by Stephen Jewkes; editing by Agnieszka Flak, Kirsten Donovan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ADANI GAS LIMITED 1.92% 363.6 End-of-day quote.-3.19%
INDIAN OIL CORPORATION LIMITED -1.03% 95.7 Delayed Quote.5.22%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
SNAM S.P.A. -0.09% 4.354 Delayed Quote.-5.37%
WTI 0.00% 52.063 Delayed Quote.10.00%
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Financials
Sales 2020 18 746 M 257 M 257 M
Net income 2020 4 363 M 59,8 M 59,8 M
Net Debt 2020 3 396 M 46,5 M 46,5 M
P/E ratio 2020 21,8x
Yield 2020 0,29%
Capitalization 400 B 5 479 M 5 480 M
EV / Sales 2019 8,37x
EV / Sales 2020 5,25x
Nbr of Employees 390
Free-Float 19,2%
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Last Close Price 363,60 
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Managers and Directors
NameTitle
Suresh P. Manglani Chief Executive Officer & Executive Director
Gautambhai Shantilal Adani Chairman
Pranav Vinodbhai Adani Executive Director
Maheswar Bhima Sahu Independent Non-Executive Director
Naresh Kumar Nayyar Independent Non-Executive Director
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